|Status : Upcoming||Report Code : VRICT5111||Industry : Semiconductor & Electronics||Available Format :|
Industry Insights by Product (Biometrics (Iris Recognition, Signature Recognition, Face Recognition, Vein and Palm Recognition, Voice Recognition, and Fingerprint Recognition) and Keypad Locks (Electromechanical, Magnetic Stripe, and Electric Strike)), by Application (Commercial, Residential, Government, and Industrial)
Digital door locks are easy to install security solution for buildings that require a reliable means of access control. It is implemented in the areas where the allocation of keys or cards is not feasible due to the volume of people entering and exiting the building. Due to variety of models available, digital door locks can offer an effective access control solution for anything from heavy-duty applications such as airports to low-security requirements such as office stationery cupboards.
These systems are typically used in public buildings such as hospitals, offices and schools, which can have a number of digital locks located throughout the building to secure different areas in a building. Furthermore, the development of construction sector and high rate of urbanization with increasing need of security equipment drives the global digital door lock system market considerably.
Insight by Product
On the basis of product, the digital door lock system market is segmented into biometrics and keypad locks. Among these two broad segments, biometrics dominates global digital door lock system market in terms of revenue. Biometric systems are considered to be most vital source for various private as well as government agencies to secure their assets and data against any misuse. Limited ability of the physical checks undertaken at the time of safeguarding is the key factor driving the growth of biometric system and thereby strengthening the demand for global digital door lock system.
The biometrics category is further sub segmented into iris recognition, signature recognition, face recognition, vein and palm recognition, voice recognition, and fingerprint recognition. Moreover, keypad locks are further sub segmented into electromechanical, magnetic stripe, and electric strike.
Insight by Application
Based upon applications, the digital door lock system market across the globe is segmented into commercial, residential, government and industrial applications. Among all these segments, commercial segment account for the largest market revenue. The implementation of digital door lock systems in various organizations is enabling them to reduce their cost in the long run and ensure greater level of security. Furthermore, this system enables the enterprises to tack the sequenced keys with the help of tracking software that is cloud-based. This further helps the organizations to protect themselves from major security breach by eliminating duplication of keys.
Increasing utilization of smart phones in various developed and developing economies and increasing acceptance of location-based automation are the key trends observed in the digital door lock system market. The GPS system in smartphones is enhancing the use of automation in home security technology such as if a user is few miles away from home then the lights would automatically turn on and alarm would switch off.
The digital door lock system market is gaining strong momentum from the residential sector other than the commercial sector. With the expansion of urban population in emerging economies, apartments and private property are now getting equipped with these systems. The ability of these systems to offer benefits of keyless entry is also a driving factor for the digital door lock system market growth. With the government emphasizing upon development of smart cities and with the increased disposable income of the people living in urban areas are further bolstering growth of this market.
Moreover, development of the construction sector and high rate of urbanization are some important factors that are estimated to boost the growth of the digital door lock system market during the forecast period worldwide. Furthermore, technological advancements and the emergence of innovative products are expected to further contribute towards the development of the overall market in the near future.
The high cost of digital door lock system and need for regular proper maintenance are the key factors hampering the growth of the market. However, the key players in the market are emphasizing on introducing cost- effective new products in order to enhance their presence in emerging economies in the near future.
Globally industry players in the digital door lock system market are leveraging market growth through the development of innovative solutions. The vendors for digital door lock system are providing various solutions to the users such as advanced security features, easy to operate and provision of troubleshoot diagnosis system that provides instant service in case of any technical issue.
Geographically, North America is the largest digital door lock system market, whereas Asia-Pacific is projected to grow at the fastest rate during the forecast period. The highest share of North America is attributed towards technological advancements and increased adoption of safety and security measures across various industry verticals. The U.S. dominates the North America market due to increasing technological enhancements and increasing demand for safety and security in the region.
Moreover, the region has a well-established infrastructure, which allows faster implementation of advanced technologies. Additionally, the growing adoption of convenient safety solutions is another major factor driving the growth of the digital door lock systems market in North America.
Furthermore, digital door lock system markets are gaining popularity in countries of Asia-Pacific such as China, Japan and India. The growth of this market in these countries is attributed towards growth of micro, small and medium enterprises (MSMEs) in the region which will increase the demand for security solutions to secure their premises amid growing security concerns.
Key players in the digital door lock system market are investing in improving the quality of security systems and developing latest technologies that is strengthening their position in the market. However, it has been observed that local players are depending upon new technology to develop cost efficiencies. The prominent players in the digital door lock systems market include Cisco Systems, Inc., Allegion PLC, Panasonic Corporation, Hitachi Ltd., Hanman International Pte Ltd., Nestwell Technologies, Godrej & Boyce Manufacturing Company Ltd., United Technologies Corporation, Vivint, Inc., Honeywell International Inc., Wintec Electronic Tech Co. Ltd., Assa Abloy Group, Xeeder Technology Co. Ltd., Siemens AG, and Tyco International Ltd.